The INOVA Incubation Program in Caguas recently marked its fifth anniversary with the “graduation” of the first companies born there, which so far have created 200 direct and 400 indirect jobs. The program also celebrated the national recognition given to one of its resident companies by the National Business Incubation Association, a first for Puerto Rico.
The Central Eastern Technological Initiative, or Inteco, runs the INOVA program out of the Science and Technology Emerging Enterprise Center in Caguas.
“The Inova Incubation Program is part of several strategies our town has aimed at becoming a center for business development and new technologies,” Caguas Mayor William Miranda-Torres said earlier this week.
“Among these, is our innovative Socioeconomic Incentives Code, under which companies pledge to create new jobs, and PromoCaguas, our support division that provides information, guidance, support and business expertise,” he said. “All this with the purpose of promoting the establishment of new businesses and promoting economic and productive activity in the city.”
The first companies to graduate from the Inova program are: Vantage Consulting Group, Pedro Panzardi & Associates, EyeLock and Aranay Technology Corp. Four other companies — Ultimate Solutions Corp., Vantage Consulting Group, David Alvarez Studio, and Huellas, Gloonark y Lanza Software — received individual distinctions for their performance.
“In Inteco we are extremely proud of the achievements of Inova’s tenants. Our role has been to support brave entrepreneurs who take on the challenge of developing their business with all the implications that it entails, in the tough times in which we’re living,” said Inteco President Oscar Jiménez.
“We know that we’re contributing to the economic development of our region, but more than that, we’re pleased that we have helped dozens of people achieve their dream of developing their own business,” he added.
The Inova program was launched in October 2008 and was Puerto Rico’s second enterprise incubator, along with the VTEC initiative in Mayagüez, and is the only one managed by a municipal government.
Aside from highlighting the graduation, Inova executives also noted the nomination as finalist for the “Client of the Year” award from the NBIA bestowed upon Yoel Rivera, president of Ultimate Solutions Corp.